Piramal Enterprises Buys Office Space from Group Co
Mumbai: Piramal Realty, the real estate arm of the Piramal Group, has sold commercial space, including an entire building in Kurla locality of Mumbai, to Piramal Enterprises for ₹ 439 crore, said a top company official.
Piramal Enterprises has bought total 1.8 lakh sq ft carpet area in its Agastya Corporate Park project, in- cluding an entire building Piramal Ananta and additional space in the upcoming building Piramal Amiti.
The building, Piramal Ananta, is part of phase 1 of the commercial complex being developed by the real estate developer. Phase1of Agastya Corporate Park comprises three independent office buildings.
Piramal Realty has completed the first phase with nearly 9 lakh sq ft office space out of the total 1.9 million sq ft project spread over total 16.2 acres. Agastya Corporate Park is the company’s first commercial development with total investment pegged at ₹ 2,400 crore, including land and project execution costs.
Piramal Enterprises is planning to consolidate its operations at this newly-acquired building while retaining its headquarters at Lower Parel. The company will consolidate over 800 employees and their operations at the commercial hub.
“We are open to both leasing and selling office spaces in Agastya Corporate Park on an outright basis. But we’ll lease more than sell as we believe the area will be transforming going forward, and we can ride on the expected appreciation then,” Anand Piramal, executive director, Piramal Group, told ET.